Bank of America stops wholesale lending
Bank of America published yesterday it will exit offering its consumer home mortgages through brokers by the end of 2007.
Result are Bank of America job cuts and lay offs of 700 jobs.
Just on Wednesday the U.S. bank announced cuts of 3000 jobs due to a poor quarter in investment banking.
There was 32% drop in quarterly profits.
- October 26th, 2007 | Tags: Bank of America Economy-News, news
Provides banking and financial services to individuals, small businesses, and commercial, corporate, and institutional clients. Welcome to Bank of America, the nation's leading financial institution. ... "Bank of America helps build strong communities by creating opportunities for ... Bank of America Corporation (NYSE: BAC), based in Charlotte, North Carolina is ... 1.5.5 Acquisition of ABN AMRO North America and LaSalle Bank ... People, who said they were former Bank of America employees, alleged that their supervisors drove them to burden consumers with needless debt and fees, to fatten the bank's earnings and the paychecks of senior executives, Schoolyard Bullies and Three Card Monte are used to explain the current financial crisis. The bank boss claims that US Treasury ( Henry Paulson at the time) told him to seal the $50 Billion deal and keep quiet about Merrill Lynch huge losses. This took place in December
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